Hong Kong was formed by the same people at the same time with the same philosophy as the United States. Hong Kong remained true to those ideals, where as USA as degenerated into an empire.
Now, well less than half the people in Hong Kong are subject to any taxes of any sort, because although states need money, governments generally do not. Of those who are obliged to pay, most pay trifling sums, with almost none obliged to pay the maximum 17% total. Just as in USA we once had widespread self-government and little state, Hong Kong has little reason to tax.
Hong Kong has always been a destination for freedom loving people in the UK to flee. Because exceptional people are drawn to freedom, Hong Kong has a higher standard of living and per capita income than its former colonial masters. Below is a book, Golden Boy, by a UK lad who grew up in Hong Kong, and what it was like. It was like very much as it is today.
Just as we once did in USA, today when Hong Kong experiences the economic downturn we are all experiencing, the Hong Kong first reaction is to cut taxes. So comes now the news that Hong Kong is legislating a tax cut of 50% on the import export declarations. This is the old stamp tax that USA went to war over the UK, I used to get documents from Hong Kong exporters with what looked like postage stamps of the Queen of England on them.
So this is the best part: this tax, left over from colonial times, is 6.5 cents. So down to 3.25 cents with this tax! Similar taxes are being cut in half.
The people of Hong Kong are brilliant. In any community, there are people who suffer from libido dominandi (lust for power) who want to decide other people's lives. They love to get together, take their money and direct their lives. OK, so let people run for office, collect taxes and make rules. Without any money to do any real damage, these people are harmless.
So sure, export some goods, toss some money in the can for the "state" to play with, and if things get tough, cut their income in half.
There is a book that outlines how western civilization receded to the monasteries in Ireland during the dark ages before expanding back out over Europe. perhaps that is Hong Kong's role, to be the modern Ireland for free markets in these dark ages of capitalism. We American citizens could learn from Hong Kong.
Feel free to forward this by email to three of your friends.
Now, well less than half the people in Hong Kong are subject to any taxes of any sort, because although states need money, governments generally do not. Of those who are obliged to pay, most pay trifling sums, with almost none obliged to pay the maximum 17% total. Just as in USA we once had widespread self-government and little state, Hong Kong has little reason to tax.
Hong Kong has always been a destination for freedom loving people in the UK to flee. Because exceptional people are drawn to freedom, Hong Kong has a higher standard of living and per capita income than its former colonial masters. Below is a book, Golden Boy, by a UK lad who grew up in Hong Kong, and what it was like. It was like very much as it is today.
Just as we once did in USA, today when Hong Kong experiences the economic downturn we are all experiencing, the Hong Kong first reaction is to cut taxes. So comes now the news that Hong Kong is legislating a tax cut of 50% on the import export declarations. This is the old stamp tax that USA went to war over the UK, I used to get documents from Hong Kong exporters with what looked like postage stamps of the Queen of England on them.
So this is the best part: this tax, left over from colonial times, is 6.5 cents. So down to 3.25 cents with this tax! Similar taxes are being cut in half.
The people of Hong Kong are brilliant. In any community, there are people who suffer from libido dominandi (lust for power) who want to decide other people's lives. They love to get together, take their money and direct their lives. OK, so let people run for office, collect taxes and make rules. Without any money to do any real damage, these people are harmless.
So sure, export some goods, toss some money in the can for the "state" to play with, and if things get tough, cut their income in half.
There is a book that outlines how western civilization receded to the monasteries in Ireland during the dark ages before expanding back out over Europe. perhaps that is Hong Kong's role, to be the modern Ireland for free markets in these dark ages of capitalism. We American citizens could learn from Hong Kong.
Feel free to forward this by email to three of your friends.
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